BlackRock TCP Capital Corp. Announces Third Quarter 2026 Financial Results Including Net Investment Income of $0.16 Per Share; Declares a Fourth Quarter Dividend of $0.17 Per Share
SANTA MONICA, Calif., November 05, 2026--BlackRock TCP Capital Corp. ("we," "us," "our," "TCPC" or the "Company"), a business development company (NASDAQ: TCPC), today announced its financial results for the third quarter ended September 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
FINANCIAL HIGHLIGHTS
On a GAAP basis, net investment income for the quarter ended September 30, 2026 was $13.4 million, or $0.16 per share on a diluted basis, which did not exceed the regular dividend of $0.17 per share paid on September 30, 2026. Adjusted net investment income(1) for the quarter ended September 30, 2026 was $12.5 million, or $0.15 per share on a diluted basis.
Net decrease in net assets from operations on a GAAP basis for the quarter ended September 30, 2026 was $66.8 million, or $0.80 per share, compared to a $1.7 million, or $0.02 per share, net increase in net assets from operations for the quarter ended June 30, 2026.
Net asset value per share was $5.61 as of September 30, 2026, compared to $6.58 as of June 30, 2026.
As of September 30, 2026, investments on non-accrual status represented 3.4% of the portfolio at fair value and 14.2% at cost, compared to 1.6% of the portfolio at fair value and 7.4% at cost as of June 30, 2026.
Net leverage was 0.16x as of September 30, 2026, compared to 1.38x as of June 30, 2026.
As previously announced, on August 4, 2026, the Company completed the sale of 95% of the equity interests in a vehicle (the "Continuation Vehicle") holding approximately $524 million of investments across 78 portfolio companies to funds and accounts sponsored by Pantheon, a global leader in private credit secondaries.
On November 5, 2026, our Board of Directors (the "Board") declared a fourth quarter dividend of $0.17 per share, payable on December 31, 2026 to stockholders of record as of the close of business on December 17, 2026.
MANAGEMENT COMMENTARY
"Strong repayment and realization activity this quarter, together with proceeds from the portfolio sale, significantly reduced leverage and meaningfully enhanced liquidity in the portfolio," said Jason Mehring, Chairman and Chief Executive Officer of BlackRock TCP Capital Corp. "Together, these steps place TCPC on a strong foundation as the Board conducts its ongoing strategic review, which is focused on achieving the best possible outcome for shareholders."
| SELECTED FINANCIAL HIGHLIGHTS(1) | ||||||||||||||||
| Three months ended September 30, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Amount | Per | Amount | Per | |||||||||||||
| Net investment income | $ | 13,365,582 | 0.16 | $ | 27,281,273 | 0.32 | ||||||||||
| Less: Purchase accounting discount amortization | 836,279 | 0.01 | 1,645,031 | 0.02 | ||||||||||||
| Adjusted net investment income | $ | 12,529,303 | 0.15 | $ | 25,636,242 | 0.30 | ||||||||||
| Net realized and unrealized gain (loss) | $ | (80,119,162 | ) | (0.96 | ) | $ | (2,911,561 | ) | (0.03 | ) | ||||||
| Less: Realized gain (loss) due to the allocation of purchase discount | 425,666 | 0.01 | 5,849,398 | 0.07 | ||||||||||||
| Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount | (1,261,945 | ) | (0.02 | ) | (7,494,429 | ) | (0.09 | ) | ||||||||
| Adjusted net realized and unrealized gain (loss) | $ | (79,282,883 | ) | (0.95 | ) | $ | (1,266,530 | ) | (0.01 | ) | ||||||
| Net increase (decrease) in net assets resulting from operations | $ | (66,753,580 | ) | (0.80 | ) | $ | 24,369,712 | 0.29 | ||||||||
| Less: Purchase accounting discount amortization | 836,279 | 0.01 | 1,645,031 | 0.02 | ||||||||||||
| Less: Realized gain (loss) due to the allocation of purchase discount | 425,666 | 0.01 | 5,849,398 | 0.07 | ||||||||||||
| Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount | (1,261,945 | ) | (0.02 | ) | (7,494,429 | ) | (0.09 | ) | ||||||||
| Adjusted net increase (decrease) in net assets resulting from operations | $ | (66,753,580 | ) | (0.80 | ) | $ | 24,369,712 | 0.29 |